Portman Ridge Finance, Logan Ridge Finance Agree to Merger

Dow Jones01-30

By Adriano Marchese

Portman Ridge Finance and Logan Ridge Finance have agreed to merge, the two companies said Thursday.

Logan Ridge shareholders will receive 1.5 newly issued shares of Portman ridge for each of their shares, which values Logan Ridge shares at C$25.02 apiece.

This represents a 4% premium to Logan Ridge's closing price of $24.00 in Jan. 24 and a 17% premium to its closing price of $21.43 on Sept. 11, which was the price of the shares before Logan Ridge exited its investment of Nth Degree Investment Group, a catalyst for the transaction, they said.

Portman Ridge is a non-diversified management-investment company, and Logan Ridge is a business-development company that focuses on first-lien loans.

The two companies said jointly that the transaction offers an increased size and scale to Portman Ridge, which expects to see greater trading volume and improved secondary liquidity and lower costs.

The combined company is expected to have total assets over $600 million, with a net asset value of about $270 million, as well as increased borrowing capacity and optimized debt capital structure.

The companies expect the proposed merger to be completed in the second quarter of this year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 30, 2025 08:29 ET (13:29 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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